Already profitable Galileo crosses $26B of annual processing volume in September as global growth accelerates.
Salt Lake City, October 17, 2019 - Galileo, the company whose APIs power the next generation of banking products globally, announced its first institutional funding round today—a $77 million investment led by venture capital firm Accel with participation from Qualtrics Co-Founder & CEO Ryan Smith.
The company, which is already profitable and growing rapidly, plans to use the funds to accelerate growth, including expansion into Latin America, the UK and Europe, and for continued product expansion. Many of the most discerning tech companies globally—including Robinhood, Monzo, Revolut, Transferwise, Varo and many others—trust Galileo’s APIs to open and verify new financial accounts, issue and process payment cards, and launch new products.
Whether an account is accessed via debit, credit, prepaid or mobile, with Galileo all fintech products are integrated on one API platform. Galileo Founder & CEO Clay Wilkes said, “Over the years, we’ve built the API standard for card issuing programs and fintech innovation, focusing on a feature-rich product set, profitability and delighting our clients. This funding will help us double down on these themes, while also becoming more aggressive in expanding geographically and providing the building blocks for the world’s most innovative payments programs. We’re thrilled to be working with Accel and Ryan Smith.”
As of September 2019, Galileo manages over $26B in annual payments volume, a 130 percent increase over September 2018. Galileo’s APIs are used widely throughout the neobank, payments, gig economy, investing and SaaS market segments.
Accel Partner John Locke, who is joining the Galileo Board of Directors as part of the investment, said, “We’re in a golden era of fintech innovation and Galileo has quietly built the API infrastructure layer powering the industry’s most innovative products. Clay and his team have built a very impressive business with many parallels to companies like Qualtrics and Atlassian: bootstrapping first to build a quiet, profitable powerhouse and now, ready to go big globally. We’re excited to help Clay and team take Galileo to the next level.”
With more services in the pipeline and an aggressive roadmap for adding new platform features, Galileo continues to enable its clients to challenge the status quo in payments.
The Spring Surge: New Galileo Debit Spend Index Charts Q1 Spend and the Year Ahead
American consumers spent cautiously on debit through January and early February before early tax refunds and spring weather sparked a March spending surge, according to the inaugural Galileo Debit Spend Index.
Why Gen Z’s Debit Card Push is Eating Into Credit Card Profits
For people worried about the economy and dealing with affordability issues, one option could be to tuck that high interest rate credit card aside and reach for a trusty debit card instead. To uncover the latest debit card trends, CardRates recently sat down with Paul Dunning, Vice President of Business Development at Galileo Financial Technologies, a fintech firm owned by SoFi. He explained why Gen Z consumers are turning to debit cards and expecting rewards, the compelling case for debit card rewards, and the appeal of debit cards for the debit-first consumer.
Half of Consumers Have Chosen One Brand Over Another Because Paying or Getting a Refund Was Easier
Consumer demand for financial services embedded within brand apps is outpacing brands’ ability to deliver, with most executives recognizing the gap. New research from Galileo Financial Technologies, soon to become SoFi Technology Solutions, found that 80% of brand executives say they plan to launch integrated financial services, but only 20% have done so thus far. The 2026 Galileo Integrated Financial Services Research Report, based on surveys of more than 2,000 U.S. consumers and 150 senior executives, shows that while consumers are already using features like saved cards, rewards, and instant refunds inside brand apps, most brands have yet to launch these capabilities.
Brand Executives Fear They’re Losing Customers to Rivals With In-App Financial Tools, Galileo Research Finds
Half of consumers have chosen one brand over another because paying or getting a refund was easier
Introducing SoFi Tech Solutions: A Unified Brand Built to Power End-to-End Financial Innovation
We’re evolving from Galileo to SoFi Tech Solutions to reflect the full scope of our platform. We deliver end-to-end infrastructure for fintechs, brands, and financial institutions, now backed by SoFi’s scale and resources. Our mission stays the same: support our clients’ growth while maintaining platform neutrality and strong data protections.
